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OMGT Test #1 Study Guide | Operations Management Exam Review, Key Concepts & Practice Questions

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OMGT Test #1 Study Guide | Operations Management Exam Review, Key Concepts & Practice Questions

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OMGT Test #1 Study Guide | Operations Management Exam Review, Key Concepts & Practice
Questions



The standardized residual test for an outlier effectively assumes.. - ANS ✔✔That the underlying
data is normally distributed



If the mean of a data set is 75, and its standard deviation is 25, then a data point with a value of
10 ... - ANS ✔✔Is a mild outlier



In a decision-making problem, items controlled by the decision maker are termed ... - ANS
✔✔Decision alternatives



In a decision-making problem, uncontrollable events are termed ... - ANS ✔✔States of nature



The result of entering the formula = -1^2+4 in Excel is ... - ANS ✔✔5



If the EXCEL formula =$A3+B$2 is copied from one cell to another cell located two rows down
and three columns to the right, the resulting formula will be ... - ANS ✔✔=$A5+E$2



Hurwicz Criterion - ANS ✔✔Weights the best and thee worst payoffs according to the decision
maker's optimism



The minimax regret criterion - ANS ✔✔Chooses the decision that results in the minimum regret



The maximax criterion - ANS ✔✔Chooses the best of the best payoffs



The maximin criterion - ANS ✔✔Chooses the best of the worst payoffs

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